According to @deanmlittle, he posted on X that Udi is ruining Bitcoin by selling JPEGs on-chain, underscoring the ongoing rift over Ordinals and inscriptions on BTC that traders track for sentiment shifts. Source: @deanmlittle on X, Sep 28, 2025. Ordinals enable image-like data to be inscribed directly on Bitcoin, a design that has coincided with periods of elevated transaction counts and fee pressure during prior inscription waves, which are relevant to liquidity and execution costs. Source: Ordinals protocol documentation; mempool.space network fee and mempool charts. Higher on-chain fees directly increase miner transaction-fee revenue share, a dynamic that can affect miner cash flows and hashprice sensitivity that BTC and miner-equity traders monitor. Source: Bitcoin.org Developer Guide on transaction fees; Luxor Hashrate Index research. For trade planning, monitor three signals: mempool backlog and median fee rate for execution risk, inscription mint activity for NFT-on-Bitcoin momentum, and miner fee share to gauge miner revenue leverage to fees. Source: mempool.space for mempool and fee metrics; Dune Analytics Ordinals dashboards for inscription counts; Luxor Hashrate Index for miner revenue analytics.

According to @adam3us, nudging miners with education, outreach to switch to pools that do not include image-style 'JPEG' transactions, and fee-backed economic lobbying could reduce their inclusion in BTC blocks, indicating a push for stricter pool-level transaction policies, source: Adam Back (X, Sep 5, 2025). A coordinated mining-pool policy directly changes block templates and which transactions compete for scarce block space, thereby influencing the Bitcoin fee market, source: Bitcoin.org Developer Guide on Mining and Transaction Fees. Traders should monitor pool policy announcements, the share of blocks mined by pools that exclude such transactions, and median sat/vB fee levels as near-term catalysts for BTC on-chain costs and throughput, source: Bitcoin.org Mining overview; mining pool operator communications. A visible decline in these image-style transactions would be reflected in mempool composition and block contents, signaling potential easing of fee spikes that impact deposit and withdrawal costs for exchanges and users, source: Bitcoin.org Mempool and Fees documentation.